News Resources for Seniors

Seniors raking in big drug savings thanks to healthcare law changes

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The recent healthcare law changes made by President Barack Obama are resulting in major savings for senior citizens when it comes to their prescription drugs.

Medicare recipients have saved an average of $569 per person in drug costs since the law changes have gone into effect, with roughly 2.65 million people ages 65 and older having spent close to $1.5 billion less on prescription drugs under a new discount program, according to Bloomberg Businessweek. But not everyone is sold on how long the savings will last.

“No company is in the business of handing out money,” Joseph Antos, a health economist at the nonprofit American Enterprise Institute in Washington, D.C., told the news source in a telephone interview. “To get the market back in equilibrium after this kind of a regulation, what happens is drug prices jump.”

Senior citizens are always looking to save money while taking measures to improve longevity and increase their quality of life. The savings these seniors are accruing on their prescription drugs could be put toward a life insurance policy that will financially protect their dependents and loved ones for an unpredictable future.

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